Tax Deep Dive · 2026
Forex Trading Tax in Portugal 2026 — Complete Guide
How Portugal taxes forex and CFD profits, the rates and brackets, what counts as taxable, loss-offset rules, and how to declare your trading income to Autoridade Tributaria e Aduaneira (AT).
Quick Answer
In Portugal, forex and CFD profits are taxed under Mais-valias mobiliarias at a headline rate of 28% flat. The tax is administered by Autoridade Tributaria e Aduaneira (AT) and declared each year on the Modelo 3 IRS — Anexo G. No. The historical NHR regime did not exempt Portuguese-source capital gains from Portuguese tax, and the regime closed to new applicants in 2024.
Forex Tax Treatment in Portugal
Forex trading profits are taxed at a flat rate of 28% on capital gains. Traders may opt for progressive income tax rates if their total taxable income results in a lower effective rate. Non-habitual residents (NHR) may benefit from reduced rates under the NHR regime.
Forex and CFD profits are mais-valias and taxed at a flat 28% under the autonomous rate, with the option to elect for the progressive scale.
Tax Rates Table — Portugal EUR
Applicable rates as of April 2026.
| Bracket / Rule | Rate |
|---|---|
| All capital gains from FX/CFD | 28% (autonomous flat rate) |
| Optional englobamento (progressive scale) | Up to 48% if more favourable |
| Holding period > 1 year (since 2023) | Englobamento mandatory if income > 80,000 EUR |
What Counts as Taxable?
Most Portugal residents need to declare the following types of trading income:
- Realised forex/CFD capital gains. Profits from closing positions during the tax year.
- Dividend-equivalent payments. Cash adjustments paid by your broker on long share-CFD positions when the underlying issues a dividend.
- Carry / swap interest received. Positive overnight financing credited to long carry-trade positions is normally taxable as financial income.
- Cashback, rebates and bonuses. Cash incentives paid by the broker may be reportable as miscellaneous or financial income.
- Crypto CFD profits. Profits from cryptocurrency CFDs are taxed under the same rules as other CFDs (this is different from spot crypto, which usually has its own treatment).
- Foreign exchange differences. Gains or losses from holding foreign-currency balances may need to be reported separately when converted back to your home currency.
Professional vs Retail Trader — Tax Implications
If the AT classifies trading as 'actividade comercial', it becomes Categoria B income subject to progressive IRS rates plus social security contributions.
Retail / private investor
Default treatment for almost all individuals. Profits taxed at the headline 28% flat rate under Mais-valias mobiliarias. Losses are restricted to the same category.
Professional / business trader
Triggered by frequency, volume, leverage, or income share. Profits are reclassified as ordinary business income at progressive rates plus social/contributions.
How to Declare Forex Income in Portugal
- 1
Download your annual statement from each broker (and convert all amounts to EUR using year-end FX rates if your account is in another currency).
- 2
Calculate net realised profit or loss for the tax year — buy/sell pairs only (unrealised positions are usually excluded, except for mark-to-market regimes).
- 3
Add carry/swap interest, dividend-equivalent payments, and any cashback or rebates.
- 4
Open Modelo 3 IRS — Anexo G on the Autoridade Tributaria e Aduaneira (AT) portal.
- 5
Enter the totals in the capital-gains / investment-income section and indicate the source country of each broker.
- 6
Pay any balance owed by the deadline (1 April to 30 June of the following year) and keep the receipt and broker statements with your records.
Loss Offset Rules
Losses can be offset against gains of the same category in the same year. Excess losses can be carried forward for 5 years if the taxpayer opts for englobamento.
Record Keeping Requirements
Keep all broker statements and a year-end gain/loss summary in EUR. Foreign-broker accounts must be flagged on Anexo J.
- Annual broker statements (PDF and machine-readable formats)
- Trade-by-trade ledger with timestamps, instrument, and P&L
- Year-end account valuation (mandatory for wealth-tax regimes)
- Proof of any foreign tax already paid, to claim against home liability under double-tax treaties
- FX-conversion rates used to translate amounts into EUR
Tax Reporting Deadlines
Annual Filing Deadline
1 April to 30 June of the following year
Withholding by brokers
Portuguese-domiciled brokers may apply the 28% retention. CySEC-passported brokers do not — the trader self-declares on Anexo G during the IRS campaign.
Recommended Accountants & Software
The Portal das Financas portal pre-fills Portuguese-broker data automatically. A contabilista certificado is recommended for traders with foreign-broker accounts and Anexo J obligations.
We do not endorse any single product. For active traders we generally recommend a local advisor who has direct experience with CFD/derivative reporting and any cross-border passporting that applies to your broker.
Frequently Asked Questions
How are forex profits taxed in Portugal?
Do I have to declare forex losses in Portugal?
Does my broker withhold tax automatically in Portugal?
Is forex trading tax-free anywhere in Portugal?
What is the filing deadline for forex tax in Portugal?
What records do I need to keep in Portugal?
Am I a professional trader for tax purposes in Portugal?
Do EU passporting brokers (CySEC, BaFin) report to my Portugal tax authority?
Best Brokers for Portugal
All EU-regulated, with negative balance protection and segregated client funds.
Popular brokers used by Portugal traders
Min Deposit
None
EUR/USD
0.1 pips
Max Leverage
30:1
XTB is a publicly listed Polish broker with an award-winning xStation platform, commission-free stock investing, and some of the best educational content in Europe.
Min Deposit
$50
EUR/USD
1.0 pips
Max Leverage
30:1
eToro is the world's leading social trading platform, letting EU traders copy successful investors while also offering commission-free stock trading alongside forex.
Min Deposit
None
EUR/USD
0.6 pips average
Max Leverage
30:1
IG is the world's oldest and most trusted retail broker, offering 17,000+ instruments, a BaFin-regulated EU entity, and an award-winning proprietary platform.
Disclaimer: This is general information, not professional tax advice. Tax law changes regularly and individual circumstances vary. Always confirm your obligations with a licensed Portugal tax advisor or directly with Autoridade Tributaria e Aduaneira (AT) before filing.
CFD Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This website is for informational purposes only. The content does not constitute investment advice. Trading leveraged products carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. EU retail leverage limits apply (ESMA): up to 30:1 on major FX pairs, 20:1 on minor FX, 20:1 on major indices, 10:1 on commodities, 5:1 on equities, 2:1 on crypto.